Financing found to fund building Bosporus Bridge

A group of seven banks is to fund the construction of the third Bosporus Bridge crossing in Turkish commercial centre Istanbul. A group of six Turkish banks, Garanti Bankasi, Halk Bankasi, Is Bankasi, Vakiflar Bankasi, Ziraat Bankasi, and Yapi Kredi Bankasi, is being joined by the Netherlands-based Garantibank International to provide the necessary US$2.3 billion of funding required for the project. A joint Italian-Turkish consortium comprising Astaldi and IC Ictas will build the bridge, which will reduce c
September 9, 2013 Read time: 1 min
A group of seven banks is to fund the construction of the third Bosporus Bridge crossing in Turkish commercial centre Istanbul. A group of six Turkish banks, Garanti Bankasi, Halk Bankasi, Is Bankasi, Vakiflar Bankasi, Ziraat Bankasi, and Yapi Kredi Bankasi, is being joined by the Netherlands-based Garantibank International to provide the necessary US$2.3 billion of funding required for the project. A joint Italian-Turkish consortium comprising 1324 Astaldi and 3015 IC Ictas will build the bridge, which will reduce congestion in and around Istanbul. The two existing bridges over the Bosporus suffer severe congestion at peak periods and this new structure will help reduce delays and journey times for drivers.
Finance & Funding Road Structures

For more information on companies in this article

Related Content

  • Mersey Gateway: Consortia Talks
    April 4, 2012
    The competitive dialogue phase of the Mersey Gateway Project has begun. The project team are said to have held initial meetings with the three shortlisted bidding consortia, and will be working closely with each of them over the coming months. The aim is for each of the three bidders to submit their detailed proposals by the end of 2012, with an announcement about a preferred bidder likely to come in spring 2013. The value of the construction phase of the project, including land, is estimated at US$961milli
    Read More
  • Italian project under question
    March 15, 2012
    A fresh set of problems has hit the long planned Messina Straits Bridge in Italy. There is now reduced funding available for the project from the Italian Government.
    Read More
  • Ramboll appointed independent engineer on Champlain Bridge Project
    September 8, 2015
    Ramboll has been appointed independent engineer for the planned Champlain Bridge Corridor project in Montreal, Canada. Ramboll, based in Denmark, will work with the Canadian consultant Stantec to review the design and construction schedule of the entire length of the bridge corridor, one of the largest infrastructure projects in North America. Stantec will review of all highway design along with site inspections for the project that will cross the St. Lawrence River and cost up to US$4.1 billion. “The ne
    Read More
  • Turkey’s latest landmark bridge securing funding
    March 23, 2018
    Turkey’s programme of bridge and highway building looks set to continue with a funding package for the 1915 Canakkale Bridge and Highway project being found. The bridge will span the Dardanelles Straits and the funding package is worth US$2.83 billion. The financing will come in the shape of a loan has been secured by a group of 24 banks and institutions from 10 countries in all. The loan calls for a 15 year repayment period. The bridge will be a constructed by a consortium, Canakkale Otoyol.
    Read More

Highlighted Content